Go to the IRS website (www.irs.gov) and print out copies of Schedule C for Form 1040, Schedule

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Go to the IRS website (www.irs.gov) and print out copies of Schedule C for Form 1040, Schedule SE, and the first page of Form 1040 for 2017. Using the information in problem 25, complete these schedules and forms to the extent possible from the information given.


Data From Problem 25

John Mason operates a consulting business, Mason Enterprises, as a sole proprietorship. He had to transfer $100,000 of stocks and securities into Mason Enterprises’s name to show financial viability for the business. During the current year, the business had the following income and expenses from operations:

Consulting revenue ..............................$125,000
Travel expenses ........................................40,000
Transportation ............................................3,000
Advertising ...................................................7,000
Office expense ............................................3,000
Telephone ...................................................1,000
Dividend income ........................................5,000
Interest income ...........................................2,000
Charitable contribution .............................1,000
Political contribution .................................6,000

Stocks
Stocks or shares are generally equity instruments that provide the largest source of raising funds in any public or private listed company's. The instruments are issued on a stock exchange from where a large number of general public who are willing...
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Taxation For Decision Makers 2019

ISBN: 9781119497288

9th Edition

Authors: Shirley Dennis Escoffier, Karen A. Fortin

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